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Even though every Android security update has a specific month in its title, patches are usually provided to manufacturers a week or two in advance, so phone manufacturers can (or not) prepare system updates in a timely manner. Samsung has been known to press the switch until the first day of a specific month, and this happens again with the February 2021 patches.
SamMobile reports that the February 2021 security update is already rolling out for the Galaxy S20, S20 + and S20 Ultra in the UK and other European countries. There is also at least one report of an update appearing on Chinese devices.
The update does not appear to contain any changes other than monthly security fixes. For now, Samsung’s One UI 3.1 is still exclusive to the Galaxy S21 and Tab S7 / S7 + series, although this version may soon appear on other phones and tablets.